The National Pension Commission (PenCom) has granted a ‘No Objection’ approval for the sale and transfer of AXA Mansard Pension Limited to Eustacia Limited, a Special Purpose Vehicle (SPV) owned by Verod Capital Management.
The information is contained in a third quarter report (Q3 2020) released by PenCom and seen by Nairametrics
What they are saying
A part of the Q3, 2020 report reads:
- “The Commission granted a ‘No Objection’ for Eustacia Limited, an SPV incorporated in Nigeria and wholly owned by Verod Capital Management Fund, to acquire 100% shareholding in AXA Mansard Pension Limited. The acquisition processes had since been concluded.”
What you should know
Nairametrics had earlier in August 2020 reported that AXA Mansard Insurance Plc divested from its subsidiary, AXA Mansard Pension Limited, after agreeing to sell its stake to Eustacia Limited, a member of the Verod Group.
In the same vein, Nairametrics understands that the deal involves AXA Mansard Insurance Plc giving up its entire issued ordinary share capital comprising of 60% shareholding (2,067,672,000 shares) and 40% stake held by minority shareholder, translating to 1,378,4448,000 shares.
The approval by PenCom is one of the regulatory requirements in formalizing and completing the sale and transfer of shareholding in insurance companies.